JSW Steel may raise funds via dollar-denominated senior notes

JSW Steel today said it is contemplating raising funds through issue of dollar-denominated senior notes. “The company is contemplating issuing of debt instruments in the form of US dollar denominated senior notes, subject to market conditions,” JSW Steel said in a BSE filing. The company said a preliminary offering circular has been prepared and shall be made available to the prospective investors in relation to the contemplated issue of notes. “The notes will not be offered or sold in India,” it added. In May last year, the board of directors of JSW Steel had approved to raise long-term funds through the issuance of non-convertible foreign currency/rupee-denominated senior unsecured fixed rate bonds up to USD 1 billion in one or more tranches, in the international market.